Sri Lanka is setting up the infrastructure for domestic payment card, and also a switch to transfer cash between mobile wallets to promote cashless transactions, Deputy Central Bank Governor Nandalal Weerasinghe said.
"We are improving the national payments system to promote electronic payments will lead to lower cash use in the society," Weerasinghe told BankTech Asia 2017 in Colombo, a forum organized by Malaysia based Knowledge Group.
Sri Lanka now has Visa and Mastercard debit card facilities in bank debt and automated teller cards which can be used to make payments.
Cost of international payments cards were high and for small merchants. Sri Lanka has already set up a domestic switch to clear automated teller machine transaction at a lower card.
Weeresinghe said domestic switch will be set up to make payments through a domestic payment card, which lower costs and bring more merchants to use electronic payments.
At the moment 'mobile wallets' are being offered by telecom operators but cash cannot be transferred between them. The central bank is also setting up a mobile switch.
"The mobile switch will allow interoperability," Weerasinghe said.
BankTech Asia is being held in Colombo from March 21 to 22 dealing with the banking technology trends in Asia. (Colombo/Mar22/2017).
